LiveRamp (NYSE: RAMP) reported Q1 EPS of $0.01, $0.16 better than the analyst estimate of ($0.15). Revenue for the quarter came in at $99 million versus the consensus estimate of $88.54 million.

First Quarter Financial Highlights

• Total revenue was $99 million, up 21% compared to the prior year period.
• Subscription revenue was $83 million, up 21% compared to the prior year period and contributed 83% of total revenue.
• Marketplace & Other revenue was $17 million, up 16% compared to the prior year period.
• GAAP gross profit was $65 million, up 41% compared to the prior year period. GAAP gross margin of 65% expanded 9 percentage points. Non-GAAP gross profit was $71 million, up 38% compared to the prior year period. Non-GAAP gross margin of 71% also expanded 9 percentage points.
• GAAP operating loss was $26 million compared to a GAAP operating loss of $48 million in the prior year period. Non-GAAP operating income was $1 million compared to a non-GAAP operating loss of $22 million in the prior year period.
• GAAP loss per share was $0.33, and non-GAAP earnings per share was $0.01.
• Net cash used in operating activities was $24 million compared to net cash used by operating activities of $15 million in the prior year period.
• During the quarter, LiveRamp repurchased 1.3 million shares for $42 million under the current share repurchase program. Since inception of the share repurchase program in August 2011, the Company has returned approximately $1.17 billion in capital to shareholders.

A reconciliation between GAAP and non-GAAP results is provided in the schedules to this press release.

“As COVID-19 forces companies to innovate and transform to drive customer value, data matters more than ever,” said LiveRamp CEO Scott Howe. “Global brands and their partners are turning to LiveRamp to enable their data-driven marketing strategies, and our strong Q1 results reflect this. The Authenticated Traffic Solution (or ATS) is gaining widespread global adoption. During the quarter, we more than tripled our ATS publisher adoption and now work with over 125 publishers worldwide, including 60% of the US Comscore 20 and 50% of the US Comscore 50.”

“Our value proposition is strong and our business durable and recurring,” added LiveRamp President and CFO Warren Jenson. “In Q1, our top-line grew by 21%, and we delivered our first quarterly non-GAAP operating profit. In addition, our Advanced TV business and Safe Haven® are winning globally. TV revenue was up over 50% in the quarter, and Safe Haven bookings, ARR and revenue were all up over 100%.”

GUIDANCE:

LiveRamp sees Q2 2021 revenue of $100 million, versus the consensus of $98.66 million.

Given macro economic uncertainties, LiveRamp is providing second quarter guidance only.

LiveRamp’s non-GAAP guidance excludes the impact of non-cash stock compensation, purchased intangible asset amortization, business transformation costs and restructuring charges.

For the second quarter of fiscal 2021, LiveRamp expects to report:

• Revenue of approximately $100 million, an increase of approximately 11% year-over-year
• GAAP operating loss of up to $39 million
• Non-GAAP operating loss of up to $7 million

For earnings history and earnings-related data on LiveRamp (RAMP) click here.